Norwich City have today released its annual accounts for the financial period year ended 31 July 2020.
Reported turnover for the period was £119.3m, largely as a result of a significant increase in broadcast and sponsorship revenue. Owing to the COVID-19 pandemic and rebates to broadcasters (£7.1m) and season ticket holders (£3.1m), this figure is a reduction on what was initially forecast.
The previous period’s reported turnover was £33.7m, with these latest figures showing a £85.6m uplift.
The impact of COVID-19 for this period is listed at £12.7m, of which the majority is an impact on revenue of £10.2m.
The result for the period is a £2.1m profit before tax, compared to a loss before tax of £39.4m over the previous period.
Within these results wages represent 75 percent of turnover.
During this reporting period, a total of £18.5m was spent on player registrations. This sum is made up of a number of player-related elements such as transfers fees, agent fees, signing on fees and further contingent payments.
Over the two recent reporting periods £12.2m has been spent on infrastructure and facilities across Carrow Road, Lotus Training Centre and the city centre Fan Hub. The club have also contributed towards The Nest, the Community Sports Foundation’s facility, through the match funding campaign.
The club’s chief operating officer Ben Kensell said: “This latest set of financial results illustrate the significant impact of COVID-19 on our business model.
“We’re very proud of our robust and self-financed model that we’ve managed to build over the three years. That model is helping us sustain the club in this difficult and challenging financial climate.
“We continue to look at being progressive and innovative in our operations and revenue- generating areas, however there is no escaping that the impact of COVID-19 will be felt for the coming years.”
The full report of the club’s annual accounts for the period ended 31 July 2020 can be accessed by clicking here.